Large Enterprises Segment to Dominate Europe Trade Promotion Management Software Market during 2021–2028
According to The Insight Partners market research study on “Europe Trade Promotion Management Software Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Deployment Type, Application, and Industry” is expected to reach US$ 546.88 million by 2028 from US$ 276.90 million in 2021. The market is estimated to grow at a CAGR of 10.2% from 2021 to 2028. The report provides trends prevailing in the Europe trade promotion management software market along with the drivers and restraints pertaining to the market growth. Investments in trade promotion management strategies to boost sales is the major factor driving the growth of the Europe trade promotion management software market. However, issues associated with the adoption of spreadsheet over software hinder the growth of Europe trade promotion management software market.
The Europe trade promotion management software market is segmented based on deployment type, application, industry, and country. Based on deployment type, the trade promotion management software market is segmented into cloud and on premise. The cloud segment dominated the market in 2020 and is expected to be the fastest growing during the forecast period. In terms of application, the trade promotion management software market is categorized into large enterprises and small & medium size enterprises. The large enterprises segment dominated the market in 2020 and small & medium size enterprises segment is expected to be the fastest growing during the forecast period. Based on industry, the trade promotion management software market is segmented into retail & consumer goods, IT, pharmaceutical, manufacturing, and others. The retail & consumer goods segment dominated the market in 2020 and pharmaceutical segment is expected to be the fastest growing during the forecast period. In terms of country, the Europe trade promotion management software market is segmented into— UK, Germany, France, Italy, and Russia.
The COVID-19 pandemic in Europe has had a diverse impact on various nations, since only a few nations have reported an increase in the number of virus-infected cases, resulting in stringent and long-term lockdown periods or social isolation standards. Germany, Italy, France, the UK, and Ireland have witnessed huge decline in their respective trade businesses. In the wake of COVID-19 outbreak, the retail sector experienced various ups and down in sales and investments in boosting their channel, which restricted the investments in promotion activities. On the contrary, the western European countries have matured IT infrastructure owing to the high awareness related to the advanced technologies, strong internet infrastructure, and capital investment capability among companies in the region. All mentioned factors are boosting e-commerce in Europe. In 2019, the e-commerce market of B2C in Europe was majorly dominated by the UK, France, Sweden, Germany, and Russia. As e-commerce marketing is a practice of utilizing promotional tactics to drive customer traffic into online store and converting them into buyers, the use of trade promotion management software is expected to act as a fruitful tool. Amid COVID-19 pandemic, the use of this software is helping to manage the e-commerce traffic.
Accenture; Aera Technology; Cornerstone; Deloitte; Exceedra by TELUS; o9 Solutions, Inc. ; Oracle Corporation; Palantir Technologies; SAP SE; and UpClearamong the leading companies in the Europe trade promotion management software market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Accenture Acquires Edenhouse.
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